Oracle CEO would convert Newport home to public gathering place.

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The co-founder of the Oracle Corp. has plans to turn the Beechwood Mansion in Newport into an art museum showcasing his collection of 18th and 19th century art.

The Newport Daily News reports that Oracle CEO Larry Ellison wants to convert the former Astor family residence on Bellevue Avenue into the Beechwood Art Museum, which would be open to the public.

Ellison is one of the world's richest men and bought the mansion for $10.5 million in 2010.

Ellison has hired an architect to reconstruct and restore the gilded mansion to the way it looked in 1881. The paper reports that the plans include keeping a private residence on the upper floors of the property.

The Oracle boss also owns a $65 million beachfront property in Malibu along with his 23-acre Woodside compound.